Market volatility is a good buying opportunity, analyst says Shutterstock/Pack-ShotGreece isn’t going to hit European political stability, David Zahn saysEvery cloud has a silver lining, and that may even hold true for the Greek debt crisis. After a dramatic weekend of failed negotiations and surprising twists, investors are fretting about the outlook for the eurozone. But the increased tensions could help, not hurt, the wider currency union, David Zahn, head of European fixed income at Franklin Templeton Investments, said at the sidelines of the Fund Forum International conference in Monaco. “I think Europe will be just fine over the next three to five years. I think if anything, [the Greek crisis] could solidify Europe back together by seeing what is going on in Greece,” he said. One of the major concerns is that the Greek crisis could blow extra wind into the sails of anti-establishment movements in other eurozone countries. Over the past couple of years, there’s been a sharp rise in the popularity of political parties that are hostile to the austerity measures imposed in Europe during the financial crisis. That has been most notable in Greece, with Syriza’s rise to power, and in Spain, where Podemos saw a surge of support in regional elections. However, Zahn isn’t worried about the political fallout from Greece’s march toward default. “One of the major outcomes of the Greek situation is how that will impact the more extremist parties in other countries,” he said. “If it turns out that [the anti-austerity government] haven’t been able to achieve what they said they would, which it seems they won’t be able to, then I think that will actually reduce some of the more extremist parties in other countries and bring everybody more back to the center.” Financial markets were Monday less sanguine about the Greek debacle, with European markets SXXP, -0.07% closing sharply lower and 10-year bond yields in Spain and Italy moving up almost a quarter of a percentage point. Greece’s stock market GD, +2.03% was closed because of bank holidays imposed to stem a deposit flight. “I see [the market volatility] as an opportunity, because I don’t think fundamentals for any of the countries in the eurozone have changed. This is an isolated event,” Zahn said. “Opportunities will almost inevitably be in the periphery, places like Italy and Spain for bonds,” he added.